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I read Peridot 's reply to another post related to property in trust with interest. My puzzle is what date the property in question in a will went into trust?
My scenario is: My father died in March 2021. He and my mother moved out of the property they owned as tenants in common into residential care in Dec 2020. Their legal person for twenty years (a commissioner of oaths and licensed conveyancer) did their wills, house conveyancing etc. My parents signed near identical wills in 2015 which left their individual half of their house to me with the surviving spouse having a continuing right of residence for as long as they needed or were medically able to stay there.
My problem is: Soon after my father's death I saw their legal person who told me that their wills are also in effect a trust document which puts their half of house in trust for me AT THE DATE OF SIGNING THE WILL ie 2015 not at the date of death. Unfortunately for her personal reasons she's had to abandon my father's probate and can't answer any questions so I'm doing his probate on my own which is mostly fine but when I read the clause in the will I'm thinking that the property went into trust when my father died and not when he signed the will. I realise I need another opinion on this question before I submit the IHT400s of course.
The 2015 Will clause is as follows:
A Right to Occupy PROPERTY-ADDRESS
5.1 In this clause:
5.1.1 "the Occupant" shall mean my wife WIFE'S-NAME
5.1.2 "the Property Trustees" shall mean my Trustees for the time being
5.1.3 "the Trust Period" shall mean the period between my death and the death of the
Occupant.
5.1.4 "the Property" shall mean my share of my property whether leasehold or freehold
which I own at the date of my death and known as PROPERTY-ADDRESS free of any mortgage debt or charge secured thereon together with the furniture carpets curtains and other articles of household use or ornament therein not otherwise specifically gifted by my will or any codicil but if such property does not form part of my estate I give instead the property which I owned and last used as my principal residence before my death.
5.2 I give the Property to the Property Trustees to hold upon the following trusts.
5.3 The Property Trustees shall permit the Occupant to live in the Property for the Trust Period
without payment of rent subject to the Occupant
5.3.1 paying all rates, taxes, and other outgoings of a recurring nature in respect of the Property
5.3.2 keeping all improvements insured for their full insurable value against loss or damage
5.3.3 maintaining the Property in good and tenantable repair to the satisfaction of the Property Trustees
5.3.4 allowing the Property Trustees to enter and inspect the Property after being given reasonable notice.
5.4 While the Occupant is living in my Property my Property Trustees shall not sell it without the Occupant's consent.
5.5 The Property Trustees may end the right of occupation if in the Property Trustees' opinion the Occupant:
5.5.1 has become medically unfit to continue to occupy the Property and has vacated,
or
5.5.2 ceases to use the Property as a principal and permanent home.
5.6 The Property Trustees shall comply with any reasonable request made by the Occupant to exercise their powers in or towards the provision of another residence for the Occupant and in deciding what terms (if any) to impose in doing so shall have regard to the terms imposed within this clause.
5.7 Subject as above the Property Trustees shall hold the Property for my son SON'S-NAME
and if SON'S-NAME shall fail to obtain a vested interest leaving issue who survive me then such issue shall take by substitution and if there shall be more than one of such issue they shall take in equal shares per stirpes but so that no issue shall take whose parent is alive and so capable of taking.
I hope someone can help?
My scenario is: My father died in March 2021. He and my mother moved out of the property they owned as tenants in common into residential care in Dec 2020. Their legal person for twenty years (a commissioner of oaths and licensed conveyancer) did their wills, house conveyancing etc. My parents signed near identical wills in 2015 which left their individual half of their house to me with the surviving spouse having a continuing right of residence for as long as they needed or were medically able to stay there.
My problem is: Soon after my father's death I saw their legal person who told me that their wills are also in effect a trust document which puts their half of house in trust for me AT THE DATE OF SIGNING THE WILL ie 2015 not at the date of death. Unfortunately for her personal reasons she's had to abandon my father's probate and can't answer any questions so I'm doing his probate on my own which is mostly fine but when I read the clause in the will I'm thinking that the property went into trust when my father died and not when he signed the will. I realise I need another opinion on this question before I submit the IHT400s of course.
The 2015 Will clause is as follows:
A Right to Occupy PROPERTY-ADDRESS
5.1 In this clause:
5.1.1 "the Occupant" shall mean my wife WIFE'S-NAME
5.1.2 "the Property Trustees" shall mean my Trustees for the time being
5.1.3 "the Trust Period" shall mean the period between my death and the death of the
Occupant.
5.1.4 "the Property" shall mean my share of my property whether leasehold or freehold
which I own at the date of my death and known as PROPERTY-ADDRESS free of any mortgage debt or charge secured thereon together with the furniture carpets curtains and other articles of household use or ornament therein not otherwise specifically gifted by my will or any codicil but if such property does not form part of my estate I give instead the property which I owned and last used as my principal residence before my death.
5.2 I give the Property to the Property Trustees to hold upon the following trusts.
5.3 The Property Trustees shall permit the Occupant to live in the Property for the Trust Period
without payment of rent subject to the Occupant
5.3.1 paying all rates, taxes, and other outgoings of a recurring nature in respect of the Property
5.3.2 keeping all improvements insured for their full insurable value against loss or damage
5.3.3 maintaining the Property in good and tenantable repair to the satisfaction of the Property Trustees
5.3.4 allowing the Property Trustees to enter and inspect the Property after being given reasonable notice.
5.4 While the Occupant is living in my Property my Property Trustees shall not sell it without the Occupant's consent.
5.5 The Property Trustees may end the right of occupation if in the Property Trustees' opinion the Occupant:
5.5.1 has become medically unfit to continue to occupy the Property and has vacated,
or
5.5.2 ceases to use the Property as a principal and permanent home.
5.6 The Property Trustees shall comply with any reasonable request made by the Occupant to exercise their powers in or towards the provision of another residence for the Occupant and in deciding what terms (if any) to impose in doing so shall have regard to the terms imposed within this clause.
5.7 Subject as above the Property Trustees shall hold the Property for my son SON'S-NAME
and if SON'S-NAME shall fail to obtain a vested interest leaving issue who survive me then such issue shall take by substitution and if there shall be more than one of such issue they shall take in equal shares per stirpes but so that no issue shall take whose parent is alive and so capable of taking.
I hope someone can help?
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